US 10yr Yield Says So Many Things: Chart of the Day

Today US 10yr yields are breaking below the 200mda for first time since last April. Whats this telling us?Clearly the chart tells us that global tensions lead to flight to quality but also that Yellen may be forced to react to EM stress. Meanwhile Europe in last week has made it clear they are concerned about deflation. And finally the Yen is also dancing near both key technical levels and psychological ones (100 JPY/USD) which would confirm major reversal on reflation trades.